- quote -

Sounds like you need $30K per year more than the $30K you're currently
getting for a total of $60K per year.

If you can make 7% on your money you can take out $2500 per month from a
starting balance of about $380K and not run out until you're in your 90s.

In article <1b3f4ae6.0312021804.6474eb66[at]posting.google.com> ,
anothername[at]access4less.net (Doug) wrote:

- quote -

Questions - Does your $60K include the mortgage payment
Is it before or after taxes
Haw are your savings invested.

Simplistic Approach
You need about 30K a year from your savings initially. Inflation
will eat at your retirement but not at your Social Security. Assume that
you annuitize your nest egg and yield 4% from it. Multiply $30K by 25
and you need $750K in a 4% immediate annuity.

Better Approach
Visit the retirement calculator at the T. Rowe Price website.
Assume that your retirement and social security are invested in a fixed
income source yielding 4% and your savings are invested partially in
equities and fixed income and let the retirement calculator run the
Monte Carlo simulations.
There are similar calculators at financialegines.com and The Reire
Early web page.
If these steps are beyond you then you need see a fee only
financial planner
--
Avrum Lapin avrum113[at]earthlink.net
Upland CA Remove NOSPAM from address

This is a little hypothetical, but not totally. OK, lets say i have
worked and saved, maybe inherited a little. Kids are grown and I am
60. I want to "retire". I have a nest egg, house is still mortgaged,
but I could pay it off. I do my budget and figure I need about $60K a
year, right now, and that much buying power in the future. I have $500
a month from Social Security, $2000 a month from a retirement (fixed
till I die). How much nest egg do I need?
Alternatively, and probably easier to answer, lets say I have $1
Million. How much can I take each year, and not run out. 4%, 5%, 8%?